Compute the adjusting journal entry

Assignment Help Taxation

Reference no: EM132277246

Tab Instructions

1 Tax Provision Analysis In cell B5, add a cell reference formula to the taxable income you calculated on the Book-to-tax rec tab

2 Tax Provision Analysis In cell B14, add a formula to compute the income tax (payable)/receivable amount at 12/31/18

3 Tax Provision Analysis In cells D5 - D11, add a cell reference formula to include the temporary Schedule M descriptions from the Book-to-tax rec tab

4 Tax Provision Analysis In cells G5 - G11, add a cell reference formula to include the temporary Schedule M amounts from the Book-to-tax rec tab

5 Tax Provision Analysis In cells E5 - E11, add an "IFS" statement formula to show whether the ending deferred balance is taxable or deductible

6 Tax Provision Analysis In cells I5 - I11, add a cell reference formula to link the ending deferred balances computed per the supporting Sch. M tabs

7 Tax Prov AJEs & ETR In cell A6, copy & paste the account list drop-down box & choose Acct. 240 (income tax payable)

8 Tax Prov AJEs & ETR In cells B6 & C6, add vlookup formulas to automatically populate the description & current ending balance

9 Tax Prov AJEs & ETR In cell A7, copy & paste the account list drop-down box & choose Acct. 585 (current tax provision)

10 Tax Prov AJEs & ETR In cells B7 & C7, add vlookup formulas to automatically populate the description & current ending balance

11 Tax Prov AJEs & ETR In cell A8, copy & paste the account list drop-down box & choose Acct. 255 (deferred tax asset/liability)

12 Tax Prov AJEs & ETR In cells B8 & C8, add vlookup formulas to automatically populate the description & current ending balance

13 Tax Prov AJEs & ETR In cell A9, copy & paste the account list drop-down box & choose Acct. 586 (deferred tax provision)

14 Tax Prov AJEs & ETR In cells B9 & C9, add vlookup formulas to automatically populate the description & current ending balance

15 Tax Prov AJEs & ETR In cell D6, add a cell reference formula to the tax receivable/(payable) you calculated on the Tax Provision Analysis tab

16 Tax Prov AJEs & ETR In cell D8, add a cell reference formula to the ending deferred tax asset/(liability) you calculated on the Tax Provision Analysis tab

17 Tax Prov AJEs & ETR In cells E6 - E9, add a formula to compute the adjusting journal entry that is needed to incorporate your tax provision results

18 Tax Prov AJEs & ETR In cell I4, add a cell reference formula to the pre-tax net income per the Adjusted Fin Stmts tab

19 Tax Prov AJEs & ETR In cells H8 - H11, add a cell reference formula to include the permanent Schedule M descriptions from the Book-to-tax rec tab (excluding Federal Current Tax Expense)

20 Tax Prov AJEs & ETR In cells I8 - I11, add a cell reference formula to include the permanent Schedule M amounts from the Book-to-tax rec tab, multiplied by the 21% tax rate

21 Tax Prov AJEs & ETR In cells J8 - J11, add a formula to compute the ETR % equivalent of the applicable "Tax Effect ($)" amounts

Attachment:- tax provision project.zip

Reference no: EM132277246

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Reviews

len2277246

4/8/2019 3:22:55 AM

Save the Excel workbook to your hard drive. Following the steps listed in the Tax Compliance instructions tab, complete all of the following tabs (highlighted in blue in the spreadsheet): Book-to-tax rec FA Report Download Stock Compensation Bad Debt Amortization Organizational Expense Capital Loss Charitable Contributions Following the steps listed in the "Tax Provision instructions" tab, complete all of the following tabs (highlighted in green in the spreadsheet): Tax Prov AJEs and ETR Tax Provision Analysis Save your spreadsheet often so you don''t lose your work! Using the file upload feature for this assignment, upload your completed spreadsheet.

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